A franchise is a business model where an established company (the franchisor) grants a license to an entrepreneur (the franchisee)

Finding the ideal franchise requires a careful assessment of your financial resources, personal skills, passions, and lifestyle goals. A consultant like Mike provides a structured process to help you analyze these factors and identify your perfect business match.

The total investment includes a one-time initial franchise fee, the capital needed for build-out and equipment, and recurring operational fees such as royalties and marketing contributions. These costs differ greatly between various franchise brands.

The FDD is a comprehensive legal document that franchisors are legally required to give to prospective buyers. It details crucial information about the franchisor, including their financial health, litigation history, and the terms of the franchise relationship.

This is the binding legal contract signed by both the franchisor and the franchisee. It officially defines the rights and obligations of each party for the duration of their business relationship.

A: Absolutely. Owning several locations is a common growth strategy for successful franchisees and is known as multi-unit franchising.

In many cases, no. Most franchisors have comprehensive training programs designed to teach you their specific business model, making your drive and business acumen more important than direct industry experience.

Franchisors typically offer extensive support, including initial training for you and your staff, ongoing operational guidance, access to marketing resources, and a network of fellow franchisees to share best practices.

A royalty is a continuous fee the franchisee pays to the franchisor to remain part of the system. It's usually calculated as a percentage of the franchisee's gross sales and covers ongoing support and brand usage rights.

The length of the contract can vary, but a typical term is around 10 years. Most agreements include options for the franchisee to renew the term if they meet the required conditions.

Yes, you can typically sell your franchised business. The sale is contingent upon the approval of the franchisor and must adhere to the specific conditions outlined in your franchise agreement.

Profitability is influenced by numerous factors, including the brand, your location, local market conditions, and how effectively you manage the business. There is no single answer for potential earnings.

A territory is a designated geographic area, outlined by the franchisor, within which a franchisee is granted the right to operate, often with some level of exclusivity.

To ensure consistency across the brand, most key terms of the franchise agreement are standardized and not open to negotiation. However, there may be minor points that can be discussed.

It is strongly advised that you hire a qualified franchise attorney. Their expertise is crucial for reviewing the FDD and franchise agreement to ensure your interests are protected before you sign.

The timeline can differ significantly depending on factors like real estate selection and build-out requirements. On average, you can expect the process to take anywhere from a couple of months to over a year.

Like any business venture, franchising has risks. These can include the financial risk of your investment, challenges in the local market, and reliance on the franchisor's brand health and performance.

Yes, a franchise is a business and can fail if not managed properly or if market conditions are poor. The franchise model is designed to reduce risk, not eliminate it entirely.

A "turnkey" business is one where the franchisor handles all aspects of setting up the location for you. This means you are handed a fully operational business that is ready for you to start running from day one.

The best way to begin is with an introductory strategy session with an expert. Mike provides a no-cost consultation to help you understand the landscape and outline the initial steps of the selection process.